Crude Futures Advance on Fed Speculation, Supply Decline in U.S.
This article is for subscribers only.
Oil advanced on speculation that the Federal Reserve may announce new measures to stimulate the economy, and after U.S. crude inventories declined.
Federal Reserve Chairman Ben S. Bernanke may outline steps to bolster the world’s largest economy during a speech tomorrow. Crude inventories fell for a second week last week, slipping by about 2 million barrels, U.S. government data showed yesterday. Standard Chartered Plc reduced its oil-price forecasts before a report that may show U.S. growth slowed in the second quarter.